Will You Be Shocked At Your Next Credit Card Statement?
Posted by Shannon Suetos on March 25, 2010 in Financial Services [ 0 Comments ]
Most of us know that paying the minimum payment on your credit card will NOT get you out of debt. But have you ever wondered how long it would actually take? Well thanks to the Credit Card Act or CARD you will no longer have to ponder over it. CARD now makes it mandatory to put right on your statement how long it will take to pay off your debt when only paying the minimum payment.
After your shock goes down, making the proper plans to get out of debt is the next obvious step. Another provision of this act is now your credit card company will give you information to set you up with a credit counselor. The spokes person for the National foundation for Credit Counseling, Gail Cunningham believes this could, “clear up any reservations consumers may have about reaching out for legitimate help…I don’t blame them for being confused. The unscrupulous among us have done a good job of blurring the lines. … That’s why we really applaud the government for including this.”
If you don’t feel comfortable going through your credit card company, looking for the debt management program for you could be a viable option. There are many out there who are trying to help you and not get you further into debt.
Other provisions that are less anxiety based are no more sudden interest rate hikes, and now anyone under the age of 21 will have to get a co-signer to get a credit card. Hopefully these added attributes (and there are more) will help Americans with their debt troubles and help better manage their credit cards.